LoanTap Personal Loan

The following are the key details of the LoanTap personal loan:

• Choose from loan amounts ranging from Rs. 50,000 to Rs. 10,00,000 basis your requirements.
• Borrowers can avail of the LoanTap loan to meet any purposes, such as wedding expenses, car purchases, medical emergencies, or other unforeseen expenses.
• Flexibility to choose longer loan tenure ranging from 6 months to 60 months, making equated monthly installments (EMIs) more affordable
• Minimum documents are required for the LoanTap personal loan products.
• Secured processes, minimal documentation, and no hidden charges.
• No prepayment charges if the loan is foreclosed after 6 months from the date of disbursement. However, foreclosure within 6 months will involve minimal charges.
• LoanTap offers personal loans with a quick disbursal time of 24 to 36 hours. 
• The application process is very straightforward, and you can apply for a loan online in just 3 easy steps.
• Flexibility to switch to EMI-free loan, enhancement, and accelerated repayment option post 6 months of disbursal.
• A processing fee of 2% plus applicable taxes is applicable for this loan on the gross loan amount sanctioned.

LoanTap personal loan interest rates are low and vary depending on the borrower’s income, credit score, and the lender. LoanTap interest rates usually vary from 12.00% to 26% p.a. for personal loans. If your application is accepted, the loan quantum is deposited directly into your bank account. You can repay the loan amount and interest over 6 months to 5 years through EMIs. The interest rate is fixed, therefore, it will not fluctuate over the loan’s term. This makes them an ideal choice for those who want predictable monthly payments.

• Rate of interest: 12.00% to 26% p.a.
• Processing fee: 2% of the sanctioned loan amount + GST.
• Flexi fee: NA
• Pre-payment charges: 4% + GST if foreclosed within 180 days from the date of disbursement after a cooling-off period.
• Penal interest: 36% p.a.
• Bounce charges: Rs. 550.
• Stamp duty: 0.1% of the loan amount.
• Mandate rejection charges: Depends on the participating bank.
• Annual maintenance charges: NA.
• Broken period interest/ Pre-EMI interest: Depends on the loan amount, disbursement date, and first EMI date.

The basic eligibility criteria for availing personal loans from LoanTap are mentioned below:

• Individuals with a minimum monthly income of Rs. 30,000.
• Indian citizens/ residents who are aged 23 years and above.
• LoanTap personal loan is currently available in these cities: Ahmedabad, Ajmer, Bangalore, Bhopal, Bhubaneshwar, Chandigarh, Chennai, Coimbatore, Delhi-NCR, Howrah, Hyderabad, Indore, Jaipur, Kolkata, Lucknow, Mumbai, Mysore, Nagpur, Nashik, Patna, Pune, Raipur, Rajkot, Surat, Vadodara, and Visakhapatnam.

The basic documents required for availing of LoanTap personal loans are:

• PAN Card
• Address proof like an Aadhaar Card/ Driving License/ Passport
• Salary account bank statement for the last 6 months
• Salary slips for the last 3 months

The application process for a LoanTap personal loan is straightforward. You can apply for a loan in the following 3 easy steps:

• Fill out the online personal loan application form on LoanTap app or website. You will be required to enter some basic information, like your employment status, purpose of borrowing the loan, contact details and some supporting documents.
• Then you have to go through the e-KYC and verification stage, where LoanTap will verify the information provided by you to see if it is genuine. Here, you will have to enter your PAN Card details, date of birth, and mobile number, which will be checked and verified. Once done, you will get customised offers from LoanTap. Select the one that is most suitable for you.
• After choosing the desired loan offer, you need to upload some basic documents and review the terms and conditions carefully prior to signing the e-agreement. After signing, the loan amount will be disbursed to your bank account instantly within 24 hours.

You can contact the customer service team of LoanTap through any of the following ways:

• Call Customer Service Phone No.: +91 788 804 0000 from Monday to Friday, 09:30 AM to 06:30 PM.
• Customer Service E-mail ID: cs.loantapcredit@help.loantap.in
• Registered & Corporate Office Address: Hermes Waves, Office No. - 103 Central Avenue Road, Kalyani Nagar, Pune - 411006